Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 57.27, based on a closing price of HKD 49.40 [6]. Core Insights - The report emphasizes that Leap Motor's success is driven by its commitment to self-research and development, leading to a strong product strategy that has helped the company stand out in the competitive market [2][15]. - Leap Motor achieved its first quarterly profit in Q4 2024, with a net profit of RMB 0.8 billion, marking it as the second profitable new energy vehicle manufacturer [3][46]. - The strategic partnership with Stellantis is highlighted as a significant advantage for Leap Motor's overseas expansion, providing unique resources and market access [4][46]. Summary by Sections 1. Self-Research and Product Strategy - Leap Motor has focused on self-research since its establishment in 2015, mastering a super-integrated technology architecture, which has been upgraded to LEAP 3.5 in 2025 [2][15]. - The company targets the mainstream passenger car market priced between RMB 100,000 and 200,000, with a projected total delivery of nearly 300,000 vehicles in 2024, ranking among the top three in new energy vehicle brands [2][21]. - Three key success factors are identified: efficient launch of range-extended models, continuous upgrades of existing models, and excellent cost control leading to competitive pricing [2][3][15]. 2. Profitability and Future Outlook - Leap Motor's revenue for 2024 reached RMB 32.16 billion, a year-on-year increase of 92%, with a gross margin of 8.4% [3][46]. - The company expects sustainable profitability due to a rich new vehicle planning and strong channel capabilities, which are anticipated to drive continuous sales growth [3][46]. - The report forecasts revenues of RMB 60.5 billion, RMB 80.5 billion, and RMB 106.8 billion for 2025, 2026, and 2027 respectively, with net profits projected to reach RMB 0.69 billion, RMB 22.52 billion, and RMB 43.92 billion in the same years [5][8]. 3. Overseas Business Development - The partnership with Stellantis, a major global automotive group, is expected to enhance Leap Motor's overseas business prospects significantly [4][46]. - The collaboration allows Leap Motor to leverage Stellantis's extensive dealer network and manufacturing resources, facilitating rapid market expansion in Europe and South America [4][46]. - The report suggests that local production could significantly improve profitability by reducing export costs and replicating successful domestic production practices [4][46].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The market trading sentiment slightly recovered this week, with small - cap stocks outperforming. The A - share index is expected to maintain a wide - range volatile trend with support at the bottom and resistance at the top. It is recommended to maintain a barbell allocation of "dividend + growth" and pay attention to the phased investment opportunities in the pharmaceutical sector [10][11][16] 3. Summary by Related Catalogs 3.1 This Week's Market Review 3.1.1 Industry Index - The broad - market index fluctuated narrowly this week, with small - cap stocks performing strongly. The average daily trading volume of stocks increased by 3.43% compared to last week. Overseas, the Nasdaq rebounded, and the price of 10 - year US Treasury bonds rose. COMEX gold first soared and then corrected. The 30 - year Treasury bond futures remained in a high - level volatile pattern. The basis of four types of stock index futures contracts increased overall [10] - Sectors such as comprehensive finance, automobiles, and power equipment and new energy led the gains. The trading volume of the comprehensive finance and communication sectors increased significantly, while the trading activity of the agriculture, forestry, animal husbandry, and fishery, consumer services, and food and beverage sectors decreased significantly. The pharmaceutical sector, which was heavily added by active equity funds, rose by 1.24% [11] 3.1.2 Market Style - The growth style rebounded slightly, while the value style was relatively weak. The cycle style performed the best, with a weekly increase of 2.44%. The small - cap style was strong, with the CSI 2000 index having the highest increase [15][16] - The Shanghai Composite Index is expected to weakly rebound and oscillate up to around 3300 points in the short term, followed by a slight adjustment, but the downside space is limited [16] 3.2 Active Equity Funds 3.2.1 Top - Performing Funds in Different Theme Tracks This Week - Funds are classified into single - track and double - track funds based on their positions in six sectors: TMT, finance and real estate, consumption, medicine, manufacturing, and cycle [19] 3.2.2 Top - Performing Funds in Different Strategy Categories - Funds are divided into types such as deep - value, high - growth, high - quality, quality - growth, quality - value, GARP, and balanced - cost - performance funds, and the top - performing funds in each type this week are listed [20] 3.3 Index - Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index - Enhanced Funds - The average and median excess returns of CSI 300 index - enhanced funds were 0.48% and 0.41% respectively; for CSI 500 index - enhanced funds, they were 0.54% and 0.54%; for CSI 1000 index - enhanced funds, they were 0.62% and 0.69%; for ChiNext index - enhanced funds, they were 0.58% and 0.74%; for Science and Technology Innovation and Entrepreneurship 50 index - enhanced funds, they were 0.16% and 0.07%. The average and median absolute returns of neutral hedge funds were 0.26% and 0.18%, and for quantitative long - only funds, they were 1.67% and 1.71% [24] 3.4 This Issue's Bond Fund Selections - Medium - and long - term bond funds and short - term bond funds are selected based on indicators such as fund size, return - risk metrics, and rolling returns and maximum drawdowns over the past three years [37]

- The report introduces the **RSI (Relative Strength Index)** as a quantitative factor, constructed to measure market conditions of overbought or oversold states. The formula is: $ RSI = 100 - 100 / (1 + RS) $ where RS represents the ratio of average gains to average losses over a 12-day period. RSI > 70 indicates an overbought market, while RSI < 30 indicates an oversold market[2] - Another quantitative metric discussed is **Net Purchase Amount (NETBUY)**, which calculates the net inflow or outflow of funds for ETFs. The formula is: $ NETBUY(T) = NAV(T) - NAV(T-1) * (1 + R(T)) $ where NAV(T) is the net asset value of the ETF on day T, NAV(T-1) is the net asset value on the previous day, and R(T) is the return on day T[2] - The report provides detailed tracking of **ETF performance metrics**, including RSI values, net purchase amounts, and institutional holding percentages across various ETF categories such as broad-based indices (e.g., CSI 300, CSI 500) and thematic indices (e.g., non-bank financials, red-chip stocks)[4] - The report highlights **day-trading trends** using 5-minute interval price data to identify intraday highs and lows, represented by red dots on trend charts. However, some data gaps are noted due to missing intraday information[2] - The report categorizes ETFs into "broad-based" and "thematic" groups, analyzing their tracking indices, management fees, and liquidity metrics, such as trading volume and market capitalization[2][4] - Institutional holding percentages are estimated based on the latest annual or semi-annual reports, excluding holdings by linked funds. These values are subject to potential deviations[3] - The report includes **T+0 trading availability** for certain ETFs, indicating whether same-day buy-and-sell transactions are supported[3] - The report provides a comprehensive table of ETF metrics, including RSI values, net purchase amounts, institutional holding percentages, and other performance indicators for various ETFs across sectors like banking, semiconductors, renewable energy, and real estate[4][6]

Core Insights - The global macroeconomic environment is currently experiencing significant turbulence, with the US facing increased risks of stagflation while China's economic resilience is becoming evident [1] - The "reciprocal tariff" policy implemented by the Trump administration has disrupted global trade dynamics, heightening market uncertainty [1] - In this context, safe-haven assets like gold are gaining value, and A-shares are at historically low valuations, presenting investment opportunities [1] Global Macroeconomic Overview - The IMF forecasts global growth rates to remain at 3.3% for 2025-2026, below the historical average of 3.7% [2] - Inflation is generally on a downward trend, but service sector inflation remains sticky [2] - Divergence in global monetary policies is evident, with some central banks initiating rate cuts while others maintain a cautious stance [2] US Economic Conditions - As of March 2025, the US CPI year-on-year growth is at 2.4%, with core CPI at 2.8%, while service CPI remains high at 3.7% [3] - The budget deficit for the first half of FY 2025 exceeds $1.3 trillion, with federal debt to GDP surpassing 120% [3] - The "reciprocal tariff" policy aims to reduce trade deficits and promote manufacturing return, but it has led to significant market volatility and challenges to the dollar's credibility [3][19] China Economic Performance - In Q1 2025, China's GDP grew by 5.4% year-on-year, driven by strong exports, improving consumption, and proactive fiscal policies [5][43] - The core CPI turned positive in March, indicating initial policy effectiveness, although PPI remains in negative growth territory [5] - The real estate market shows signs of recovery, but continued policy support is necessary [5] Asset Class Performance and Outlook - The RMB exchange rate has limited depreciation space, with the central bank maintaining controllable risks [6] - The bond market presents more opportunities than risks, with expected easing policies starting in Q2 [6] - A-shares are currently attractive, with 22 out of 31 sectors having P/E ratios below the historical 50th percentile [6] - Gold has shown strong performance, with COMEX gold reaching $3341.3 per ounce, indicating long-term investment value during global uncertainty [6] Strategic Responses - There is a strong emphasis on boosting consumption through various measures, including increasing household income and optimizing the consumption environment [6] - Promoting the transformation of foreign trade enterprises is crucial to prevent excessive competition and cultivate new markets [6] - Accelerating the internationalization of the RMB is essential, focusing on regional cooperation and enhancing offshore market systems [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The report presents daily tracking data of various ETFs, including wide - based and industry - themed ETFs, covering information such as intraday market trends, management fees, tracking indices, and other key indicators [2][4][7]. 3. Summary by Related Catalogs 3.1 Data Explanation - The table tracks daily frequency data of ETFs and is divided into "wide - based" and "theme" sub - tables. The "wide - based" ETFs track mainstream wide - based indices, while "theme" ETFs track industry/style indices [2]. - A fund pool is constructed by selecting one or several large - scale ETF funds in each type for analysis [2]. - The RSI relative strength index is calculated based on the ratio of average gains to average losses over a 12 - day period. RSI > 70 indicates an over - bought market, and RSI < 30 indicates an over - sold market [2]. - The intraday market trend is based on a 5 - minute intraday transaction price trend chart, with some data possibly missing [2]. - Net subscription is calculated using a specific formula, and T+0 indicates whether T+0 trading is supported [2]. - The institutional holding ratio is the estimated ratio from the latest annual or semi - annual reports of ETF funds, excluding the holding ratio of corresponding linked funds, and there may be deviations [3]. 3.2 Wide - based ETFs - Multiple wide - based ETFs are listed, such as those tracking the CSI 300, CSI 500, SSE 50, etc. Their performance varies in terms of market value, daily change, RSI, net subscription, trading volume, and institutional holding ratio [4]. 3.3 Industry - themed ETFs - Various industry - themed ETFs are presented, including those in consumer electronics, non - banking, banking, dividend, new energy, chip semiconductor, photovoltaic, military, ESG, robot, central and state - owned enterprises, artificial intelligence, real estate, biomedicine, Chinese concept Internet, resources, and consumption sectors. Each sector's ETFs show different performance in terms of market value, daily change, RSI, net subscription, trading volume, and institutional holding ratio [7].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints The report presents daily tracking data of various ETFs, including wide - based ETFs and industry - themed ETFs, covering information such as intraday market trends, management fees, tracking indices, trading volumes, net subscriptions, and institutional holding ratios, aiming to offer data references for investors [2][4][7]. 3. Summary by Related Catalogs Wide - based ETFs - **Tracking Indices**: Include mainstream wide - based indices like CSI 300, CSI 500, SSE 50, etc. [2] - **Fund Information**: Multiple funds are involved, such as Huatai - Peregrine CSI 300 ETF with a circulation market value of 37.3434 billion yuan, a management fee of 0.08%, and an RSI of 42.77; E Fund CSI 300 ETF with a circulation market value of 25.8183 billion yuan, a management fee of 0.11%, and an RSI of 44.21 [4]. - **Market Performance**: Different funds show varying intraday price fluctuations, net subscriptions, and trading volumes. For example, Huatai - Peregrine CSI 300 ETF has a net subscription of 21.13 billion yuan and a trading volume of 53.58 billion yuan [4]. Industry - themed ETFs - **Industry Categories**: Cover multiple industries such as consumer electronics, non - banking, banking, dividends, new energy, chips, etc. [7] - **Fund Information**: For instance, in the consumer electronics sector, Huaxia China Securities Consumer Electronics Theme ETF has a circulation market value of 1528 million yuan, a management fee of 0.50%, and an RSI of 34.19; in the non - banking sector, Guotai CSI All - Index Securities Company ETF has a circulation market value of 28.409 billion yuan, a management fee of 0.50%, and an RSI of 35.26 [7]. - **Market Performance**: Each industry's ETFs also have different price fluctuations, net subscriptions, and trading volumes. For example, the net subscription of Huaxia Overseas Internet ETF is 35.06 billion yuan, and the trading volume is 7.88 billion yuan [7].

Group 1: Social Financing and Government Bonds - In March 2025, the social financing scale increased by 58,879 billion yuan, a year-on-year increase of 10,544 billion yuan[1] - The growth rate of social financing stock recorded at 8.4%, up by 0.2 percentage points from the previous value[1] - Government bonds contributed significantly to the growth, with an increase of 14,828 billion yuan, accounting for 97% of the year-on-year increase in social financing[1] - By the end of March 2025, local special bonds issued totaled 9,602.4 billion yuan, representing 21.8% of the annual budget, compared to 16.3% in the same period of 2024[1] Group 2: Loan Growth and Economic Indicators - In March, new RMB loans amounted to 36,400 billion yuan, exceeding expectations[1] - Corporate loans were the main contributors, with an increase of 28,400 billion yuan, a year-on-year increase of 5,000 billion yuan[1] - The manufacturing PMI for March recorded at 50.5%, indicating a generally high level of economic activity[1] - M2 growth remained stable at 7.0%, while M1 growth unexpectedly rebounded by 1.5 percentage points to 1.6%[2] - The improvement in M1 reflects a better cash flow situation for enterprises and residents, driven by accelerated fiscal fund deployment[2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes the secondary market situation, ETF product profiles including market performance, fund flows, trading volume, margin trading, and new fund launches and listings from multiple perspectives such as different categories, tracking indices, industry sectors, and themes during the sample period from April 7 - 11, 2025 [1][2] Summary by Directory 1 Secondary Market Overview - Among A - shares, overseas major broad - based indices, gold index, and Nanhua Commodity Index, the S&P 500, SGE Gold 9999, and Nikkei 225 had top weekly returns of 5.70%, 2.17%, and - 0.58% respectively. The PE valuation quantile of the Sci - 50 was the highest at 91.32%, and that of the Nikkei 225 was the lowest at 1.23% [9] - In the Shenwan primary industries, agriculture, forestry, animal husbandry and fishery, commerce and retail, and national defense and military industry had top returns of 3.28%, 2.88%, and 0.28% respectively, while power equipment, communication, and machinery had lower returns of - 8.09%, - 7.67%, and - 6.78% respectively. The industries with the highest valuation quantiles were social services, steel, and computer at 97.52%, 92.15%, and 83.47% respectively, and those with lower ones were comprehensive, non - bank finance, and agriculture, forestry, animal husbandry and fishery at 0.00%, 1.24%, and 3.72% respectively [14] 2 ETF Product Profiles 2.1 ETF Market Performance - Based on product types and holdings, ETFs were classified into stock, QDII, commodity, bond, and money - market ETFs. Among them, commodity ETFs had the best average performance with a weighted average return of 2.34%, and QDII ETFs had the worst with - 5.45% [18] - Classified by tracking indices and listing sectors, Japanese - stock and Sci - tech innovation board - related ETFs performed better with weighted average returns of - 0.85% and - 1.04% respectively, while Hong Kong - stock and ChiNext - related ETFs performed worse with - 7.05% and - 7.03% respectively [18] - Classified by industry sectors, consumer - sector ETFs had the best average performance with a weighted average return of 0.22%, and biomedical - sector ETFs had the worst with - 5.78% [23] - Classified by themes, chip semiconductor and military - industry ETFs performed better with weighted average returns of 1.31% and 0.68% respectively, while robot and new - energy ETFs performed worse with - 8.05% and - 7.78% respectively [23] 2.2 ETF Fund Inflows and Outflows - From the perspective of different categories, broad - based ETFs had the largest net inflow of 1746.18 billion yuan, and style ETFs had the smallest of 43.12 billion yuan [27] - From the perspective of tracking indices and listing sectors, CSI 300 ETFs had the largest net inflow of 1058.44 billion yuan, and MSCI China A - share concept ETFs had the smallest of - 0.51 billion yuan [27] - From the perspective of industry sectors, traditional manufacturing - sector ETFs had the largest net inflow of 36.70 billion yuan, and financial real - estate - sector ETFs had the smallest of - 19.83 billion yuan [28] - From the perspective of themes, dividend and military - industry ETFs had the largest net inflows of 35.78 billion yuan and 22.24 billion yuan respectively, and chip semiconductor and non - bank ETFs had the smallest of - 22.28 billion yuan and - 14.60 billion yuan respectively [28] 2.3 ETF Trading Volume - From the perspective of different categories, commodity ETFs had the largest increase in the average daily trading volume change rate at 84.07%, and money - market ETFs had the smallest at 10.27% [35] - From the perspective of tracking indices and listing sectors, CSI 300 ETFs had the largest increase in the average daily trading volume change rate at 132.86%, and MSCI China A - share concept ETFs had the smallest at 8.86% [38] - From the perspective of industry sectors, consumer - sector ETFs had the largest increase in the average daily trading volume change rate at 55.54%, and cyclical - sector ETFs had the smallest at 1.72% [41] - From the perspective of themes, chip semiconductor and dividend ETFs had the largest average daily trading volumes in the past 5 days of 81.78 billion yuan and 42.37 billion yuan respectively. Chip semiconductor and consumer electronics ETFs had the largest increases or the smallest decreases in the average daily trading volume change rate at 53.77% and 48.28% respectively, while low - carbon environmental protection and new - energy ETFs had the largest decreases or the smallest increases at - 9.52% and 0.39% respectively [44] 2.4 ETF Margin Trading - During the sample period, the net margin purchase of all equity ETFs was 1.265 billion yuan, and the net short - selling was 0.178 billion yuan. Huatai - Peregrine CSI 300 ETF had the largest net margin purchase, and Southern CSI 500 ETF had the largest net short - selling [49] 2.5 ETF New Launches and Listings - During the sample period, 4 funds were established and 11 funds were listed [2][51]

证券研究报告 麦高证券 2025 年 4 月 11 日 麦高金工团队 (2025-04-10) 数据说明： 1、本表针对ETF各类日频数据进行每日跟踪，不构成投资建议。 2、本表根据ETF追踪指数类别进一步分为"宽基"/"主题"两个子表。其中"宽基" ETF跟踪指数为沪深300、中证500、中证A500等主流宽基指数； "主题" ETF 跟踪指数为非银、红利、中概互联等某行业/风格指数。 3、基金池构建：在每个类型中选取规模较大的一只或几只ETF基金进行分析。 9、空值代表刚刚上市基金行情数据不满足计算指标或还未进行年报半年报披露，部分QDII的净值披露较晚，对于未披露的数据处理为空值。 | 日内行情趋势 管理费率 跟踪指数 ETF基金名称 涨跌幅（ %） T+0 | | 证券代码 | 流通市值 | | RSI相对 | 净申购 | 成交额 | | 机构持仓 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | （亿元） | | | （亿元） | | 强弱指标 | | （亿元） | （ %） | 占比（ %） | | ...

Investment Rating - Industry Rating: Outperform the market [4] Core Viewpoints - Domestic humanoid robot manufacturers are expected to gain competitive advantages during the mass production phase, suggesting a focus on domestic manufacturers and related supply chains. 2025 is seen as the year of commercialization for humanoid robots, with the domestic market being the best early landing market due to a complete supply chain and a rich pool of high-quality labor [1][2] - The humanoid robot industry is accelerating towards commercialization, driven by the foundation laid by new energy vehicles and the empowerment of AI large models. The main barriers to commercialization have been identified as software algorithm lag, insufficient hardware performance, and an incomplete industrial ecosystem [1][2][3] - The domestic humanoid robot industry has matured in terms of supply and demand, with a "central leadership + local collaboration" model in place. The supply side has seen advancements in core hardware components capable of mass production, while the demand side is driven by the need for flexible adaptation in industrial production and addressing labor shortages in the service sector [2][3] Summary by Sections Section 1: Acceleration of Humanoid Robot Industrialization - Humanoid robots are designed to mimic human appearance and behavior, with capabilities to perform complex tasks and interact with humans [11][12] - The commercialization of humanoid robots has been hindered by software and hardware bottlenecks, including low intelligence levels and high costs [13][20] - The entry of Tesla into the humanoid robot market has catalyzed the acceleration of the industry, with significant developments in AI models enhancing robot capabilities [29][30] Section 2: Maturity of Domestic Humanoid Robot Industry - The domestic humanoid robot industry has reached a mature state, supported by policies and a collaborative approach between central and local governments [51][52] - The supply side has seen rapid advancements in AI models and hardware capabilities, with domestic companies like Huawei leading in AI software development [54][65] - The demand for humanoid robots is driven by an aging population and rising labor costs, necessitating a shift towards automation and intelligent solutions [67][68] Section 3: Competitive Landscape of Domestic Manufacturers - Domestic humanoid robot manufacturers can be categorized into three types: star startups, cross-industry large manufacturers, and industrial robot companies. Cross-industry manufacturers are expected to leverage their mature software and hardware systems for competitive advantage [3][10]